AfricaInflation: Ghana Workers to Receive Cost of Living Allowance

Inflation: Ghana Workers to Receive Cost of Living Allowance

-

- Advertisment -spot_img

In its effort to reduce the heat of inflation on workers, the Ghanaian government has initiated a 15 per cent cost of living allowance for government employees across the country.

 Inflation: Ghana workers to Receive Cost of Living Allowance
(c) Twitter – Kojo Oppong Nkrumah

Tagged base pay cost of living allowance (COLA), the development will have public workers earn an extra 15 per cent of their basic salary, excluding benefits and bonuses.

In a tweet on Friday, the country’s information minister, Kojo Oppong Nkrumah, stated that the decision was reached after consultations with the country’s organised labour and other stakeholders.

“Government and organised labour have concluded negotiations for Cost of Living Allowance. A 15 per cent allowance has been agreed effective July 1. Government is keen on mitigating the impact of global challenges on the people of Ghana,” Mr Nkrumah announced.

President Nana Akufo-Addo had previously directed the country’s finance minister, Ken Ofori-Atta, to begin formal discussions with the IMF to secure funding to address the nation’s economic problems.

Read AlsoWomen Earn 25% less Than Men in Health Sector – UN

Mr Akufo-Addo explained that collaborating with the IMF will provide a balance of payment support as part of a broader effort to accelerate Ghana’s recovery from the Covid-19 pandemic and, more recently, the Russia-Ukraine crisis.

The development came barely a month after Ghanaians protested against rising energy prices and the newly imposed e-levy, which requires citizens to pay a 1.5 per cent tax on every electronic transaction they conduct.

In March, the country’s government put in place a new electronic transaction tax which it said would help raise $900 million in revenue.

The E-levy bill saw the introduction of a 1.5 per cent tax on electronic money transfers and transactions.

Read Also4 Dead As Two Small Planes Collide in Las Vegas

In May, Ghana’s inflation rate reached its highest level in more than 18 years, as food and transportation costs skyrocketed.

The country’s annual inflation increased from 23.6 per cent in April to 27.6 per cent, the fastest rate since January 2004.

newswebbs
newswebbshttps://newswebbs.com
New Webbs is an independent online news platform launched with the aim of connecting the world with the latest news on the web.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Just In: Soludo Assures Anambra Indigenes in the UK of a Homeland of Opportunities

Anambra, Nigeria - In consolidation of his administration's three years in office and continuation of the town hall meeting...

FGN Moves To Foster Implementation Of FOCAC Agreements

As part of efforts to ensure the prompt actualization of agreements with the People’s Republic of China, the Federal...

Police Dismantle Cyber Fraud Training Centre In Lagos, Detain Suspects

Lagos, Nigeria - The police command in Lagos says it uncovered and dismantled an internet fraud training facility known...

Zimbabwean Authorities Arrest, Charge Citizens Following Anti-Government Protests

No fewer than ninety-five (95) citizens had been arrested by the Zimbabwe police on Tuesday after a day of...
- Advertisement -spot_imgspot_img

Tinubu Sacks NNPCL CEO, Kyari, Replaces With Ex-Shell MD, Ojulari

Lagos, Nigeria - President Bola Tinubu has disengaged the group chief executive officer of the Nigerian National Petroleum Company...

Just In: FG Announces Closure Of Independence Bridge

The Federal Ministry of Works has announced a planned closure of the Independence Bridge (Marina bound) commencing on Tuesday...

Must read

- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you